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Out of the ELB : expected ECB policy rates and the Taylor rule
Bernardini, Marco; Lin, Alessandro - In: Economics letters 235 (2024), pp. 1-4
Persistent link: https://www.econbiz.de/10015071370
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Precommitment, transparency and monetary policy
Geraats, Petra M.; Geraats, Petra M. - 2001
Conventional wisdom says that commitment eliminates the inflationary bias of monetary policy. However, this paper shows that the inflation bias can persist even when the central bank commits. A simple model is presented in which the central bank precommits by setting the policy instrument, and...
Persistent link: https://www.econbiz.de/10001612960
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Constrained discretion and central bank transparency
Bianchi, Francesco; Melosi, Leonardo - 2012
Persistent link: https://www.econbiz.de/10010388274
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Credible enough? : forward guidance and perceived National Bank of Poland's policy rule
Baranowski, Paweł; Gajewski, Paweł - In: Applied economics letters 23 (2016) 1/3, pp. 89-92
Persistent link: https://www.econbiz.de/10011414421
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Precommitment, transparency and monetary policy
Geraats, Petra M. - 2001
Üblicherweise wird angenommen, dass ein Inflationsbias verschwindet, wenn sich eine Zentralbank glaubwürdig im voraus … Modell dargestellt, in dem die Zentralbank im voraus ihre Instrumente festlegt und die anschließende Anpassung der … Zeitinkonsistenzproblem mehr auftritt. Ursache ist die Unsicherheit über die ökonomischen Störungen, auf die die Zentralbank reagiert. Nur …
Persistent link: https://www.econbiz.de/10011419400
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The effect of conventional and unconventional monetary policy rules on inflation expectations : theory and evidence
Farmer, Roger E. A. - In: Oxford review of economic policy 28 (2012) 4, pp. 622-639
Persistent link: https://www.econbiz.de/10009727405
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Constrained Discretion and Central Bank Transparency
Bianchi, Francesco - 2014
We develop and estimate a general equilibrium model in which monetary policy can deviate from active inflation stabilization and agents face uncertainty about the nature of these deviations. When observing a deviation, agents conduct Bayesian learning to infer its likely duration. Under...
Persistent link: https://www.econbiz.de/10012458099
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Constrained Discretion and Central Bank Transparency
Bianchi, Francesco - 2015
We develop and estimate a general equilibrium model to quantitatively assess the effects and welfare implications of central bank transparency. Monetary policy can deviate from active inflation stabilization and agents conduct Bayesian learning about the nature of these deviations. Under...
Persistent link: https://www.econbiz.de/10013035522
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Constrained Discretion and Central Bank Transparency
Bianchi, Francesco - 2016
We develop and estimate a general equilibrium model to quantitatively assess the effects and welfare implications of central bank transparency. Monetary policy can deviate from active inflation stabilization and agents conduct Bayesian learning about the nature of these deviations. Under...
Persistent link: https://www.econbiz.de/10012979124
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Constrained Discretion and Central Bank Transparency
Bianchi, Francesco - 2014
We develop and estimate a general equilibrium model in which monetary policy can deviate from active inflation stabilization and agents face uncertainty about the nature of these deviations. When observing a deviation, agents conduct Bayesian learning to infer its likely duration. Under...
Persistent link: https://www.econbiz.de/10013045651